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EQT begins tender offer for up to $250 million 3% notes due 2022
By Marisa Wong
Los Angeles, Dec. 29 – EQT Corp. has begun a tender offer to purchase for cash up to $250 million principal amount of its $568,823,000 outstanding 3% senior notes due 2022 (Cusip: 26884LAE9), according to a Wednesday press release.
The company is offering a total consideration of $1,012.50 per $1,000 principal amount. The total consideration includes an early tender premium of $50 per $1,000 of notes tendered by 5 p.m. ET on Jan. 12, the early tender date.
Holders tendering after the early tender date will only be eligible to receive the tender offer consideration of $962.50 per $1,000 principal amount, or the total consideration less the early tender premium.
The company will also pay accrued interest to but excluding the applicable settlement date.
The tender offer will expire at 11:59 p.m. ET on Jan. 27.
The settlement date for early tendered notes is expected to be Jan. 14, and final settlement is expected to be Jan. 31, assuming the tender cap has not been reached by the early tender date.
Notes may be subject to proration if the aggregate principal amount of notes tendered would cause the offer cap to be exceeded. Furthermore, if the tender offer is fully subscribed as of the early deadline, holders who tender notes after the early tender date will not have any of their notes accepted for payment.
Tenders may be withdrawn at any time at or prior to 5 p.m. ET on Jan. 12.
The tender offer is subject to a number of conditions, the company noted.
TD Securities (866 584-2096 or 212 827-7795 or LM@tdsecurities.com) is acting as dealer manager for the tender offer.
Global Bondholder Services Corp. (866 470-3700 or 212 430-3774 or contact@gbsc-usa.com) is the information and tender agent.
Pittsburgh-based EQT is a natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin.
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